Apple crushes earnings expectations but warns chip shortages could hurt revenue
Last edited Thu Apr 29, 2021, 09:37 AM - Edit history (1)
The news came out yesterday afternoon. Yahoo! Finance is late with the article.
Full disclosure: I own shares of AAPL.
Apple crushes earnings expectations but warns chip shortages could hurt revenue
Daniel Howley · Technology Editor
Thu, April 29, 2021, 6:42 AM · 3 min read
Apple (AAPL) reported its Q2 2021 earnings after the closing bell on Wednesday, blowing away analysts' expectations on the top and bottom line. Revenue was up a whopping 54% year-over-year on strong hardware sales in the quarter.
Still, executives on Apple's conference call warned of the impact of the ongoing global chip shortage on Apple's hardware business. Supply constraints could have a revenue impact of $3 billion to $4 billion in the June quarter, Apple's CFO Luca Maestri said on the earnings call.
Those shortages will mainly affect the iPad and the Mac, CEO Tim Cook said. "And so, we'll have some challenges in there, and challenges in meeting the demand that we've got. The demand feels very strong right now," Cook said.
Here are the most important numbers from the report compared to what Wall Street was expecting.
--Revenue: $89.58 billion versus $77.3 billion expected
--Earnings per share: $1.40 versus $0.99 expected
--iPhone revenue: $47.9 billion versus $41.5 billion expected
--iPad revenue: $7.8 billion versus $5.6 billion expected
--Mac revenue: $9.1 billion versus $6.8 billion expected
The stock was up 4% following the report.
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Hat tip, Joe.My.God.
CHATTER AWAY: Overnight Open Thread
April 28, 2021
Variety reports:
Apple smashed Wall Street expectations for the first three months of 2021, reporting its highest-ever revenue for a March quarter and biggest-ever quarterly haul for the Services business.
The company posted revenue of $89.6 billion, up 54% on a surge of iPhone sales, for the quarter ended March 27. Net income more than doubled (up 110%) to $23.6 billion, translating into earnings per diluted share of $1.40.
Apple boasted revenue records in each of its geographic segments and double-digit growth in each product category with the recently launched 5G-enabled iPhone 12 driving up sales of the companys smartphone devices nearly 66%, to $47.9 billion.
Read the
full article.
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